Sunday, September 5, 2010

Managing your student loan payment

Imagine you have a student loan and you are finding it hard to get a job.

After a few months you find yourself in the difficult situation where the loan company starts a law suit and gets a garnishment approval. 

Next you find a low paying job and 15% of it is garnished from the start!

If on top of that you get into even more difficult times, like a serious illness, then it really gets tough.

You can always try and talk to the customer service of the collection company.

Maybe they have an ombudsman who will investigate your situation. He may even listen to your pleas and find a solution that gives you the chance to slowly build up your life again.

A lower monthly payment plan can do wonders and if you manage to make a bit more every now and then you can do a voluntary payment as well.

Don't be afraid to find te right peolple to contact. They are not always moneysharks.

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